English
The price of crude oil will rise to USD 120 /bbl before the end of 2012, due to increased demand on emerging markets, according to estimates by "J P Morgan Chase & Co".
The analysts of the American bank consider that the OPEC, which ensures almost 40% of the global oil output, will not increase its output in the first half of 2011, if oil price will remain below USD100/bbl:
"Strong emerging oil demand growth over the next 24 months is very likely to lift the call on OPEC production to levels last seen at the peak of the oil price spike in 2008. We expect oil inventories to continue to drop in the first quarter of 2011".
"J P Morgan" has recently revised its estimate on the price of oil in 2011 to the upside. The bank anticipates that the price of oil will average USD 93 on the barrel, at the New York Mercantile Exchange, 3.6% higher than the previous estimate. The bank expects the price of oil to reach 100 dollars a barrel in the first six months of 2011.
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